Virgin Fixed-Rate ISA Maturity Instructions - Double-Take eISA not available?

Fingerbobs

Just been online to give my Maturity Instructions for a Virgin Money fixed-rate ISA, planning to transfer it into their Double-Take E-ISA currently paying 1.45%, and the form only offered me a 1-year and 3-year fix, or an Easy-Access ISA paying 1.2%. They were the only 3 options offered. The Double-Take ISA wasn't there.


As far as I can see, the Double-Take account allows transfers in, so should be an option? Have I overlooked something?

Reed_Richards

You can pay in up to £20,000 in the current tax year, and there is no limit on ISA transfers.

I agree that it should be an option.

Tom99

If you can't sort it then move to the easy access account and from there to the Double-Take account.

colsten

Why not transfer to the Coventry 1.5% instant access ISA? No faffing with double-take or other restrictions

Fingerbobs

colsten wrote: »

Why not transfer to the Coventry 1.5% instant access ISA? No faffing with double-take or other restrictions

Thanks, I am aware of the Coventry product, but there are a few reasons:


1. Cash ISA transfers can take up to 2 weeks to complete, so I would want to be earning the maximum possible interest during that period.


2. The risk of the money going missing during the transfer is much greater if it's being transferred to a different organisation. Are the funds still sent as a physical paper cheque through the post between banks?


3. The Coventry's online access is ridiculously complicated to log into.


4. There was another one, but I've temporarily forgotten it.

eskbanker

Fingerbobs wrote: »

1. Cash ISA transfers can take up to 2 weeks to complete, so I would want to be earning the maximum possible interest during that period.

Cash ISA providers use a process that ensures that no interest is lost during transfers, so even though the end-to-end process may take up to 15 working days, that doesn't mean that savers lose out on interest if that's what you were implying....

Tom99

Fingerbobs wrote: »

3. The Coventry's online access is [STRIKE]ridiculously[/STRIKE] complicated to log into.

Yes that is true. Its the only bank where I need to get my file out to log on but it also makes it more secure in my view.

d63

Tom99 wrote: »

If you can't sort it then move to the easy access account and from there to the Double-Take account.

just to say that is what i did when the my isa matured, chose the easy isa option, then transferred that to a new double-take isa. it was a fairly painless process, except that for the first day or so it said the interest rate was only 0.25%, but that then changed to 1.44% as expected for the interest paid monthly option

Fingerbobs

d63 wrote: »

just to say that is what i did when the my isa matured, chose the easy isa option, then transferred that to a new double-take isa. it was a fairly painless process, except that for the first day or so it said the interest rate was only 0.25%, but that then changed to 1.44% as expected for the interest paid monthly option

I sent them a Secure Message, and the reply confirmed that this is the only way to do it. You can't have it convert to a double-take automatically at maturity; it has to be done manually post-maturity.